UK Labour market shows early signs of stabilising
The decline in job vacancy postings due to COVID-19 has been significant over recent weeks but while the impact and rate of change presented has been unsurprising, what isn’t clear is when the decline in jobs, and the changes to skills demand, will recover.
A week by week analysis
Labour Insight provides an extremely rich dataset that reflects real-time changes in employer demand. The data – taken from millions of online job adverts – makes it possible to view the status of our labour market week by week. Using the Time Series Analysis we can see early signs that the dramatic decline in job postings has flattened out over the last two weeks and in some areas small increases have occurred.
Stabilisation of UK online job postings:
Fig 1. All online job postings collected year to date
We have used Graduate level postings and Education sector postings as examples of specific sectors showing growth below.
Graduate level job postings showing positive increase:
Fig 2. Shows all graduate job title postings
Education sector job postings showing a similar positive uptick for week commencing 18th April:
Fig 3. Shows new job postings for the Education sector
It is still really too early to draw conclusions based on changes to job and skills demand since Covid-19. However Labour Insight will provide the earliest indicators of recovery once it starts to happen.
Data in Labour Insight is collected, parsed, cleaned, de-duplicated and presented for analysis within 48hrs. Contact us now to organise a live demonstration Labour Insight and see if the above trends are reflected in:
· Your local town or region
· Your local industries
· Your local employers
· Your local skills demand